This pair still refuses to fall to the 800 sma, but it is still giving us some love. We opened this trade again (see yesterday's Results post) at 1.2900 when our sell limit order was hit at about 1420 EST. We moved to break even just before 2000 EST last night and I put a 50 pip trailing stop loss on. We were still in the trade when I went to bed at about 2200. I got up to check the markets about 0230 and the pair was just hitting the 1.2800 mark, moving our stop loss to +50 pips. When I got up this morning, I found that we'd been stopped out just before 0420 for a total gain on this trade of +50 pips. While I will take that (and be glad of it), I am a bit disappointed that the pair has not moved back to the 800 sma yet.
I still think this pair will move to the 800. It's just toying with us for the time being. I'll put another sell limit in on this trade, but this time at 1.2875 (this pair seems to be making lower highs on its way down). Same rules: 50 pip move to break even, 50 pip trailer. My stop will be at 1.2975. I'll keep you posted.
Happy Trading!
I still think this pair will move to the 800. It's just toying with us for the time being. I'll put another sell limit in on this trade, but this time at 1.2875 (this pair seems to be making lower highs on its way down). Same rules: 50 pip move to break even, 50 pip trailer. My stop will be at 1.2975. I'll keep you posted.
Happy Trading!
